Rate on 30-year mortgage falls to record 3.87 pct.

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WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed. 1 j( N5 I' r. P" C
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That below the previous record of 3.88 hit two weeks ago.
# S- f8 m) R+ R7 i9 L( `The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.
4 X/ t1 B! }6 W! ]9 RMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
  W9 x1 I( E! O0 CRates have been low for more than a year, and the average rate on the 30-year loan has hovered near 4 percent for more than three months. Yet few people can afford to buy a home or qualify for a loan. Those who can have already done so. 1 ^! p) X4 f& [% u- p/ ~8 L
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don't want to sink money into a home that they fear could lose value over the next few years.
4 B2 F" B# A0 F0 I$ H# aSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. + Y+ l4 E. U- p  \9 g4 z) b
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. * `8 i6 e: o/ f5 F( y) I
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Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. 2 Q4 y- _* \: {
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
5 z& g& Y# s1 x; e9 iThe average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. * r, L% }' P: i$ ?
The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8.
# D, N) b5 R8 XFor the five-year adjustable loan, the average rate fell to 2.80 percent from 2.85 percent. The average on the one-year adjustable loan rose to 2.76 percent from 2.74 percent. 5 d$ ~! K5 I! o% h
The average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6.